Auto Loan Learn the Terms

Car Talk
Below are some terms you may hear when shopping for a new or used vehicle or auto loan. Some words may have more than one meaning. Only those meanings relating to this site will be used.

Definitions A - Z

Manufacturer's Suggested Retail Price (MSRP)
Also called list price or sticker price or monroney (involving or relating to money) sticker price. This is the sticker you see attached to a new vehicle's window. This label is required by federal law, and may be removed only by the purchaser. On this sticker is the manufacturer's suggested retail price (MSRP) which is the price the manufacturer thinks the new car should sell for, the base price, all standard equipment, the manufacturer's installed options, the manufacturer's transportation charge, and the car's fuel economy (mileage).

Minimum Payment
The smallest dollar amount you must pay, usually each month, on your loan account or credit card account. The minimum payment may cover interest only, or it may include both principal and interest.

Monetary
Involving or relating to money.

Monthly Payment Amount
The dollar amount due each month to repay the credit agreement.

Motor Vehicle Record (MVR)
A record that contains information about an automobile driver's traffic violations and accidents. Also called driver record or driving record.

SCAMS & FRAUD
Some Scams, Fraud, and Consumer Abuse Items in the News

Federal Laws
Major Laws That Govern Financial Institutions & Protect Individuals in Their Financial Dealings

Organizations

Fannie Mae
Freddie Mac
Ginnie Mae
Nellie Mae
Sallie Mae

Consumer Info

Consumer Tips
Credit Bureau
Credit Insurance
Credit Report
Directory of Federal Agencies
Federal Trade Commission (FTC)
Identity Theft
Predatory Lending
Repair Your Bad Credit
Truth in Lending Act
Borrowers Beware

Miscellaneous

Private Mortgage Insurance (PMI)
Prepayment Penalty

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